Weekly Real Estate News
Summary
Chicago officials opened United Yards 1A, delivering 51 fully affordable apartments in the Back of the Yards neighborhood as part of a broader redevelopment effort.
Chicago has opened 51 new affordable apartments in the Back of the Yards neighborhood as the first housing component of the broader United Yards redevelopment moves into operation.
City officials cut the ribbon Oct. 2 on United Yards 1A at 4703 S. Justine St. The city described the project as 100% affordable housing and said it transformed formerly vacant and underused property near West 47th Street.
Housing anchors a broader neighborhood investment
The 51 apartments are part of a mixed-use development intended to combine housing with community resources and commercial activity. Chicago’s Department of Housing participated alongside Caledon Partners, the Blackwood Group and other public and community partners.
The opening comes as Chicago continues using city financing and land-use tools to expand affordable housing in neighborhoods where development costs can make deeply affordable construction difficult to finance.
United Yards is notable because the housing is being delivered as part of a larger neighborhood redevelopment strategy rather than as an isolated apartment project. The development adds new residences while bringing additional services and investment to the 47th Street corridor.
The project’s completion adds to a national pipeline of affordable developments opening as higher interest rates and construction costs continue to challenge new housing production.
